WALTZING MATHILDE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
WALTZING MATHILDE
Largest movements
- Receivables within one year +€60,718
up €60,718 (+2665.2%), from €2,278 to €62,996
of which Trade receivables: +€44,298
- Cash -€37,824
down €37,824 (-71.9%), from €52,575 to €14,750
mainly Receivables within one year (-€60,718) and Net result for the year (-€17,231)
- Tangible fixed assets -€4,258
down €4,258 (-16.7%), from €25,490 to €21,232
of which Land and buildings: -€2,978
- Trade debts +€37,924
up €37,924 (+304.2%), from €12,467 to €50,391
- Reserves -€17,231
down €17,231 (-44.9%), from €38,368 to €21,137
of which Tax-exempt reserves: -€18,798
- Other debts -€10,330
no longer reported in 2025 (was €10,330)
- Tax, wage and social debts +€8,468
up €8,468 (+504.5%), from €1,678 to €10,146
- Turnover -€166,893
no longer reported in 2025 (was €166,893)
- Purchases and services -€130,415
no longer reported in 2025 (was €130,415)
- Gross operating margin -€40,532
down €40,532, from €40,373 to -€159
- Taxes +€3,233
up €3,233 (+109.5%), from €2,953 to €6,186
- Other operating charges +€2,937
up €2,937 (+467.4%), from €628 to €3,565
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €82,843 | €101,673 | +€18,830 | +22.7% |
| Fixed assets | 21/28 | €27,990 | €23,732 | -€4,258 | -15.2% |
| Tangible fixed assets | 22/27 | €25,490 | €21,232 | -€4,258 | -16.7% |
| Land and buildings | 22 | €21,965 | €18,987 | -€2,978 | -13.6% |
| Plant, machinery and equipment | 23 | €1,286 | €1,515 | +€230 | +17.9% |
| Furniture and vehicles | 24 | €2,240 | €730 | -€1,510 | -67.4% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €54,853 | €77,941 | +€23,088 | +42.1% |
| Amounts receivable within one year | 40/41 | €2,278 | €62,996 | +€60,718 | +2665.2% |
| Trade receivables | 40 | €1,372 | €45,670 | +€44,298 | +3229.0% |
| Other amounts receivable | 41 | €906 | €17,326 | +€16,420 | +1811.8% |
| Cash at bank and in hand | 54/58 | €52,575 | €14,750 | -€37,824 | -71.9% |
| Deferred charges and accrued income | 490/1 | - | €195 | +€195 | |
| Total equity and liabilities | 10/49 | €82,843 | €101,673 | +€18,830 | +22.7% |
| Equity | 10/15 | €58,368 | €41,137 | -€17,231 | -29.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Capital | 10 | €20,000 | - | -€20,000 | |
| Issued capital | 100 | €20,000 | - | -€20,000 | |
| Reserves | 13 | €38,368 | €21,137 | -€17,231 | -44.9% |
| Tax-exempt reserves | 132 | €18,798 | - | -€18,798 | |
| Distributable reserves | 133 | €19,570 | €21,137 | +€1,567 | +8.0% |
| Amounts payable | 17/49 | €24,475 | €60,537 | +€36,062 | +147.3% |
| Amounts payable within one year | 42/48 | €24,475 | €60,537 | +€36,062 | +147.3% |
| Trade debts | 44 | €12,467 | €50,391 | +€37,924 | +304.2% |
| Suppliers | 440/4 | €12,467 | €50,391 | +€37,924 | +304.2% |
| Taxes, remuneration and social security | 45 | €1,678 | €10,146 | +€8,468 | +504.5% |
| Taxes | 450/3 | €1,678 | €10,146 | +€8,468 | +504.5% |
| Other amounts payable | 47/48 | €10,330 | - | -€10,330 | |
| Turnover | 70 | €166,893 | - | -€166,893 | |
| Goods, raw materials, services and sundry goods | 60/61 | €130,415 | - | -€130,415 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,585 | €4,742 | +€157 | +3.4% |
| Other operating charges | 640/8 | €628 | €3,565 | +€2,937 | +467.4% |
| Non-recurring operating charges | 66A | - | €1,145 | +€1,145 | |
| Gross operating margin | 9900 | €40,373 | -€159 | -€40,532 | |
| Operating profit (loss) | 9901 | €35,160 | -€9,611 | -€44,771 | |
| Financial income | 75/76B | - | €195 | +€195 | |
| Recurring financial income | 75 | - | €195 | +€195 | |
| Financial charges | 65/66B | €4,158 | €1,629 | -€2,529 | -60.8% |
| Recurring financial charges | 65 | €4,158 | €1,629 | -€2,529 | -60.8% |
| Profit (loss) for the period before taxes | 9903 | €31,002 | -€11,045 | -€42,047 | |
| Income taxes | 67/77 | €2,953 | €6,186 | +€3,233 | +109.5% |
| Profit (loss) for the period | 9904 | €28,049 | -€17,231 | -€45,280 | |
| Transfer from tax-exempt reserves | 789 | - | €18,798 | +€18,798 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,049 | €1,567 | -€26,482 | -94.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.